Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES) reported a 24% year-on-year increase in net income for fiscal year 2026, reaching ARS 372,280 million. The Argentine agricultural company posted the results on September 8, 2026, citing record grain production and robust livestock margins as primary growth drivers.

The company’s consolidated gross profit expanded to ARS 538,158 million, up from ARS 491,527 million in the prior year. This growth was supported by both its agricultural business and urban properties segments, with the latter contributing significantly through its stake in IRSA.

Financial Performance

Cresud’s agricultural business revenue climbed to ARS 727,486 million, compared to ARS 598,649 million in FY25. The segment’s gross profit rose to ARS 140,075 million from ARS 111,993 million previously. Meanwhile, the Urban Properties and Investments segment recorded revenues of ARS 526,939 million and gross profit of ARS 402,778 million, reflecting steady performance in real estate holdings.

Adjusted EBITDA from agribusiness segments reached ARS 17,812 million, while the Urban Properties and Investments segment (through IRSA) recorded ARS 291,055 million. Earnings per share (basic) stood at ARS 269.68, up from ARS 212.90 in the previous fiscal year.

Operational Highlights

The 2026 campaign featured a 5% increase in planted area, totaling 314,000 hectares, which led to record grain production exceeding one million tons. Argentina saw excellent yields in wheat, soybean, and corn. However, the BrasilAgro subsidiary faced challenges in sugarcane production due to weather conditions, fires, and operational issues, resulting in tighter margins for those crops.

Livestock activities achieved record levels in cattle production, prices, and margins, supported by feedlot intensification and infrastructure investments. In agricultural real estate, BrasilAgro agreed to sell a 921-hectare portion of the Morotí farm in Paraguay for USD 1.5 million, with approximately USD 0.6 million recognized by year-end.

Balance Sheet and Capital Allocation

Total assets grew to ARS 7,244,639 million from ARS 6,796,006 million in FY25. Current assets increased to ARS 1,824,035 million, while non-current assets rose to ARS 5,420,604 million. Total liabilities stood at ARS 4,090,132 million, up from ARS 3,839,539 million, driven largely by an increase in non-current liabilities to ARS 2,845,017 million.

During the fiscal year, Cresud issued approximately USD 256 million in notes to reduce average financing costs and extend maturity profiles. The company also completed its 2021 warrant program and distributed ARS 93,800 million in dividends, representing an approximate 8% dividend yield. Shareholders’ equity increased to ARS 3,154,507 million from ARS 2,956,467 million.

What the Numbers Show

The divergence between the agribusiness and urban properties segments is stark. While the Agricultural Business generated ARS 727,486 million in revenue, it contributed only ARS 17,812 million in adjusted EBITDA. In contrast, the Urban Properties segment generated less revenue (ARS 526,939 million) but delivered ARS 291,055 million in adjusted EBITDA. This indicates that the urban real estate arm, via IRSA, remains the dominant profit engine, operating at significantly higher margins than the core farming operations despite lower top-line volume.